A joint venture of Great Portland Estates and the BP Pension Fund has acquired a 9,100 m2 building in London.
A joint venture of Great Portland Estates and the BP Pension Fund has acquired a 9,100 m2 building in London.
The Great Ropemaker Partnership (GRP) purchased 148 Old Street, EC1 from BP Pension Fund for £30 mln (€35 mln), reflecting an initial yield of 6.93%.
The property is let to Royal Mail Group at a rent of £2.17 mln per annum until 2020, with a rent review and tenant break option in May 2015.
As the property sits on a site of 0.83 acres and with a net to gross ratio of only 66%, Great Portland said it offers an opportunity for refurbishment or redevelopment from 2015.
